Playing Mega Moolah with bitcoin is big news in Brazil and Portugal

The age of the cryptocurrency is very much here and an increasing number of people around the world are starting to get to grips with how to use the different cryptocurrencies available for a wide range of different purposes.

There's no doubt that bitcoin remains the King of Crypto, despite a fall in its value of around two thirds from its peak around November/December 2017, when a single bitcoin was trading for around $20,000, to its current value which is around $6,431. Even so, bitcoin remains the most recognisable of all cryptocurrencies and its use is becoming more widespread across the globe.

Some countries, notably in the far east, have taken bitcoin to their heart. Japan has legalised the currency as a form of legal tender and you can now purchase items in shops across the country using special bitcoin terminals in shops. Other countries still tend to see bitcoin used primarily online and its status as legal tender unclear.

With the release of the popular bitcoin-only casino, players from Brazil will likely be keen to spend their spare bitcoins at this new casino, the first to offer many games from top software development houses such as Microgaming, including the massively popular and World Record breaking Mega Moolah jackpot slot.

The question is, what is the status of bitcoin in these countries? How far advanced is the society in Brazil when it comes to bitcoin and where, if anywhere, can you legally purchase bitcoin in each country?

Let's take a look at the situation in two of the main Portuguese-speaking countries Brazil and Portugal, before we examine why the new Bitcoin Casino is likely to appeal to bitcoin casino players in these countries and many others around the world.

Bitcoin in Brazil

  • Is bitcoin legal in Brazil?

Rather like many countries around the world, the status of bitcoin as a legal currency in Brazil is somewhat unclear, although that situation could well be clarified within the next year or two Currently, the bitcoin is not legal tender in Brazil, where the Real is recognised as the countries national currency.

However, that could be set to change. In August 2018, the Brazilian New Party candidate for the presidency, Joao Amoedo, has stated that he would like to implement blockchain technology in government and then moving on from this, he has expressed his desire to make bitcoin a legal currency in Brazil.

He believes the greater transparency of bitcoin, and the ability to track the transactions of the currency through the blockchain, would mean an end to the corruption and fraud that has dogged Brazilian politics for many decades. He argues that legalising bitcoin would allow it to work in harmony with the Real to offer a different payment alternative for the hundreds of millions of Brazilians living in the country today.

Should that happen, then bitcoin's usage in wider society within Brazil would grow in a similar way it has in South Korea and Japan in particular, where the adoption of this technology throughout other areas of society, rather than simply the digital realm, has been more wide-ranging.

  • Where to buy bitcoin in Brazil?

While Bitcoin may not be legal tender yet, it is still perfectly valid for Brazilians to purchase bitcoins in the country if they would like to do so. The country operates a number of Exchanges where Brazilians can exchange their Real for bitcoin.

Some of the most popular Exchanges are as follows:

  • Coinmama
  • io
  • LocalBitcoins
  • Bitex
  • Ripio
  • SatoshiTango
  • Mercado Bitcoin
  • FlowBTC
  • Bitcoin To You

The country is starting to see a very small number of Bitcoin ATM's installed across the country, although there are just two (to our knowledge) both located in Sao Paolo. The ATM allows the user to buy and sell bitcoins for cash.

  • Bitcoin in Brazilian society

At the moment, bitcoin in Brazil still remains an online currency, although there are growing numbers of people who want to see the currency legalised as tender alongside the Real. As such, bitcoin is tended to be used in Brazil for online purchases and transactions in the main. Which means that Brazilian bitcoin owners are well placed to enjoy some top quality gaming at our Bitcoin Casino.

It may well take the result of the forthcoming presidential elections in the country to shed some light on the future of bitcoin in Brazil, but the general feeling is that Brazil, along with many other countries in the G20, is looking for the best way to integrate bitcoin into its existing financial framework. Although how that will be done remains unclear at present.

Bitcoin in Portugal

  • Is bitcoin legal in Portugal?

Bitcoin is perfectly legal in Portugal, although it is not a form of legal tender in the country. It also has no specific legal framework, as is the case in many other countries. One interesting fact reported in January 2018 was that due to no specific legal framework being in place, anybody that profits from the highly volatile nature of bitcoin, does not have to pay taxes on their profits as they would if they were trading in a legal currency, such as the Euro.

The only way this situation would change would be if the user regularly trades in bitcoin so that it constitutes a 'professional or business activity', in which case it would be subject to capital gains taxation.

  • Where to buy bitcoin in Portugal?

Bitcoin is relatively easy to buy in Portugal and a number of options are available to people living in the country should they wish to purchase the cryptocurrency, namely:

  • Coinbase
  • Coinmama
  • Bitpanda
  • Coinbase Pro
  • io
  • LocalBitcoins
  • Luno
  • de
  • Cointed
  • Paymium
  • Bity
  • LakeBTC

There are just a couple of bitcoin ATM's currently available in Portugal, one located in the city of Porto and one located little further north in Braga.

  • Bitcoin in Portuguese society

It's fair to say that the cryptocurrency revolution hasn't really caught fire in Portugal at present and there are many in the country who do not use any form of online currency, that have no idea what bitcoin is or how it works. However, there are an increasing number of people who do and these people are driving change in the country.

Therefore art present, bitcoin purchases and transactions tend to be conducted online only. However, there is a belief that over the coming years, perhaps with greater understanding of cryptocurrency and support form other EU countries, that bitcoin and cryptocurrency usage will become more widespread across the country.

What can our bitcoin casino offer to players in Brazil and Portugal?

Although there have been bitcoin casinos previously, none have offered players the chance to play quite so many well-established games, including the massively popular Mega Moolah jackpot slot from Microgaming. The first bitcoin-based casino to offer patrons the chance not just to play this hugely popular game, but also a massive selection of over 1200 other slots and casino games, many of which have never been previously available to bitcoin users.

Among those games are a wide selection of slots and casino games from top developers such as Microgaming and many others and the list of games available reads like a who's who of top slots, with a number of top progressive jackpot games available to play alongside more standard video slots, retro slots, roulette, blackjack and video poker.

As a new player you can take full advantage of a generous sign up offer which will give you additional bitcoin funds to play with when you place your first two deposits into your account at the casino.

  1. First deposit bonus is matched 100% up to 1 BTC.
  2. Second deposit bonus is matched 50% up to 1 BTC.

That's not all... every further deposit will also come with a 25% Reload Bonus as standard.

See the bitcoin casino offer page.

This is the first bitcoin casino to offer such a wide range of popular slots that were previously only available to play via standard cash deposits. The casino of the 21st century is here today and is ready for Portuguese and Brazilian players to sign up.

Boa sorte!

Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.

Next article: The best Mega Moolah Free Spins bonus offers